UPDATE 1-CFTC approves DTTC application to be swaps data warehouse
WASHINGTON, Sept 20 (Reuters) - The U.S. Commodity Futures Trading Commission o n T hursday said it approved DTCC's application for provisional registration as a swap data warehouse.
The DTCC Data Repository LLC is the second swaps data repository to be approved by the agency, which granted that status to InterContinentalExchange's ICE Trade Vault in June.
Swap data warehouses are a key part of the 2010 Dodd Frank Act, which aims to boost transparency and limit risk in the $648 trillion over-the-counter global swaps market.
That law was crafted as a response to the 2007-to 2009 financial crisis, which was fueled by risky swaps trading at firms like insurer American International Group and led to multi-billion dollar taxpayer bailouts.
The legislation requires swaps players to report swaps data to such warehouses, to give global regulators insight into the transactions and positions in the marketplace.
DTCC's registration, which was approved by the agency on Wednesday, will allow the firm to collect and maintain data on interest rate, credit, foreign exchange and equity swaps, the agency said in a news release.
ICE Trade Vault was authorized to collect data on commodity, interest rate swaps, credit default swaps and foreign exchange asset classes.
A spokesman for DTCC was not immediately available to comment.
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